{"id":18170,"date":"2022-11-04T19:45:59","date_gmt":"2022-11-04T14:15:59","guid":{"rendered":"https:\/\/kuvera.in\/blog\/?p=18170"},"modified":"2022-11-05T11:39:25","modified_gmt":"2022-11-05T06:09:25","slug":"the-weekly-wrap-pink-slip-in-blue-bird-land","status":"publish","type":"post","link":"https:\/\/kuvera.in\/blog\/the-weekly-wrap-pink-slip-in-blue-bird-land\/","title":{"rendered":"The Weekly Wrap | Pink Slips In Blue Bird Land"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_40 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" area-label=\"ez-toc-toggle-icon-1\"><label for=\"item-69dc20e44fd48\" aria-label=\"Table of Content\"><span style=\"display: flex;align-items: center;width: 35px;height: 30px;justify-content: center;direction:ltr;\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/label><input  type=\"checkbox\" id=\"item-69dc20e44fd48\"><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/kuvera.in\/blog\/the-weekly-wrap-pink-slip-in-blue-bird-land\/#i\" title=\"\u00a0\">\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/kuvera.in\/blog\/the-weekly-wrap-pink-slip-in-blue-bird-land\/#Metas_mid-life_crisis\" title=\"Meta\u2019s mid-life crisis\">Meta\u2019s mid-life crisis<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/kuvera.in\/blog\/the-weekly-wrap-pink-slip-in-blue-bird-land\/#Tata_AirAsia\" title=\"Tata, AirAsia\">Tata, AirAsia<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/kuvera.in\/blog\/the-weekly-wrap-pink-slip-in-blue-bird-land\/#So_long_JJ_Irani\" title=\"So long, JJ Irani\">So long, JJ Irani<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/kuvera.in\/blog\/the-weekly-wrap-pink-slip-in-blue-bird-land\/#Is_the_economy_turning_a_corner\" title=\"Is the economy turning a corner?\">Is the economy turning a corner?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/kuvera.in\/blog\/the-weekly-wrap-pink-slip-in-blue-bird-land\/#i-2\" title=\"\u00a0\">\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/kuvera.in\/blog\/the-weekly-wrap-pink-slip-in-blue-bird-land\/#IPO_mania\" title=\"IPO mania!\">IPO mania!<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/kuvera.in\/blog\/the-weekly-wrap-pink-slip-in-blue-bird-land\/#Ambani_the_groomer\" title=\"Ambani the groomer\">Ambani the groomer<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/kuvera.in\/blog\/the-weekly-wrap-pink-slip-in-blue-bird-land\/#Made_in_India_iPhone\" title=\"\u2018Made in India\u2019 iPhone\">\u2018Made in India\u2019 iPhone<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/kuvera.in\/blog\/the-weekly-wrap-pink-slip-in-blue-bird-land\/#Market_wrap\" title=\"Market wrap\">Market wrap<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/kuvera.in\/blog\/the-weekly-wrap-pink-slip-in-blue-bird-land\/#Other_headlines\" title=\"Other headlines:\">Other headlines:<\/a><\/li><\/ul><\/nav><\/div>\n<p><em>In this edition, <i><span style=\"font-weight: 400;\">we talk about the continuing turmoil at Twitter following Elon\u2019s Musk takeover. We also talk about AirAsia\u2019s India exit, Reliance\u2019s and Apple\u2019s new business moves, and the passing of India\u2019s man of steel, JJ Irani.\u00a0 <\/span><\/i><\/em><i><\/i><\/p>\r\n<p>&nbsp;<\/p>\r\n<p><i><\/i>Welcome to Kuvera\u2019s weekly digest on the most critical developments related to business, finance and markets.<\/p>\r\n<p>&nbsp;<\/p>\r\n<p><strong>tl;dr<\/strong>\u00a0Hear the article in brief instead?<\/p>\r\n<p>&nbsp;<\/p>\r\n<!--[if lt IE 9]><script>document.createElement('audio');<\/script><![endif]-->\n<audio class=\"wp-audio-shortcode\" id=\"audio-18170-1\" preload=\"none\" style=\"width: 100%;\" controls=\"controls\"><source type=\"audio\/mpeg\" src=\"https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2022\/11\/Kuvera-audio-NL-Nov-4-1-1.mp3?_=1\" \/><a href=\"https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2022\/11\/Kuvera-audio-NL-Nov-4-1-1.mp3\">https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2022\/11\/Kuvera-audio-NL-Nov-4-1-1.mp3<\/a><\/audio>\r\n<p>&nbsp;<\/p>\r\n<p>&nbsp;<\/p>\r\n<p><img loading=\"lazy\" class=\"alignnone wp-image-18172\" src=\"https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2022\/11\/200w-11.webp\" alt=\"\" width=\"400\" height=\"224\" \/><\/p>\r\n<p>&nbsp;<\/p>\r\n<p><span style=\"font-weight: 400;\">\u201cIf you are in an office or on your way to an office, please return home,\u201d Twitter said in an email to all its employees on Friday.<\/span><\/p>\r\n<p>&nbsp;<\/p>\r\n<p><span style=\"font-weight: 400;\">Layoffs are scarcely ever graceful or ceremonial. And going by his past record, Twitter\u2019s new owner Elon Musk is the last person to show any courtesy to people, at least not the ones he wants to fire.<\/span><\/p>\r\n<p>&nbsp;<\/p>\r\n<p><span style=\"font-weight: 400;\">So, on Friday when Twitter employees across the world were told that by the end of the day they\u2019d know if they had a job or not, few should have been surprised, or expected a graceful parting of ways. Musk wants to cut the flab at the loss-making microblogging company and fire half its workforce.<\/span><\/p>\r\n<p>&nbsp;<\/p>\r\n<p><span style=\"font-weight: 400;\">Twitter has been sued over the move to fire half its workforce with employees alleging that the company is eliminating workers without enough notice in violation of the Worker Adjustment and Retraining Notification Act that requires covered employers to provide advance notice to employees affected by plant closings and mass layoffs.<\/span><\/p>\r\n<p>&nbsp;<\/p>\r\n<p><span style=\"font-weight: 400;\">But he won\u2019t stop just at this.<\/span><\/p>\r\n<p>&nbsp;<\/p>\r\n<p><span style=\"font-weight: 400;\">In 2021, Twitter clocked a net loss of $221 million and Musk wants to turn it around by, among other things, charging $8 a month for that elusive blue tick verification badge, which has hereto been available only to a select few.\u00a0<\/span><\/p>\r\n<p>&nbsp;<\/p>\r\n<p><span style=\"font-weight: 400;\">We don\u2019t know if Musk\u2019s new moves will actually make Twitter more profitable, but they sure are leading to a churn and much consternation all around.\u00a0<\/span><\/p>\r\n<p>&nbsp;<\/p>\r\n<p><span style=\"font-weight: 400;\">Oh, but did we tell you Twitter\u2019s sacked Chief Executive Officer, Parag Agrawal, will be walking away with $42 million in severance? Keep counting the number of zeroes!<\/span><\/p>\r\n<p>&nbsp;<\/p>\r\n<h4><span class=\"ez-toc-section\" id=\"i\"><\/span>\u00a0<span class=\"ez-toc-section-end\"><\/span><\/h4>\r\n<h4><span class=\"ez-toc-section\" id=\"Metas_mid-life_crisis\"><\/span><b>Meta\u2019s mid-life crisis<\/b><span class=\"ez-toc-section-end\"><\/span><\/h4>\r\n<p>&nbsp;<\/p>\r\n<p><img loading=\"lazy\" class=\"alignnone wp-image-18173\" src=\"https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2022\/11\/100.webp\" alt=\"\" width=\"400\" height=\"197\" \/><\/p>\r\n<p>&nbsp;<\/p>\r\n<p><span style=\"font-weight: 400;\">Twitter is not the only tech giant which is going through a churn. Facebook parent Meta is having to deal with what we can best describe as a mid-life crisis of its own.<\/span><\/p>\r\n<p>&nbsp;<\/p>\r\n<p><span style=\"font-weight: 400;\">On Thursday, the company\u2019s India arm said Ajit Mohan, its vice-president and managing director, had moved on and was being temporarily replaced by Manish Chopra, who is a director and currently heads partnerships for Meta India.\u00a0<\/span><\/p>\r\n<p>&nbsp;<\/p>\r\n<p><span style=\"font-weight: 400;\">India is the biggest user base for Facebook, WhatsApp and Instagram\u2014the three platforms Meta owns.\u00a0<\/span><\/p>\r\n<p>&nbsp;<\/p>\r\n<p><span style=\"font-weight: 400;\">Mohan\u2019s exit comes even as the advertising revenue of Facebook India online services, Meta\u2019s main business in the country, jumped 74% in 2021 and the net profit zoomed 132%.\u00a0<\/span><\/p>\r\n<p>&nbsp;<\/p>\r\n<p><span style=\"font-weight: 400;\">Yet, Meta knows the numbers hide more than they reveal. In July, the tech major had warned employees of a looming crisis forcing it to cut back on new hiring and tighten its purse strings.<\/span><\/p>\r\n<p>&nbsp;<\/p>\r\n<p><span style=\"font-weight: 400;\">Mohan is reportedly likely joining Snapchat parent Snap Inc, which has seen its net loss surge 400% in the September quarter.\u00a0\u00a0\u00a0<\/span><\/p>\r\n<p>&nbsp;<\/p>\r\n<p>&nbsp;<\/p>\r\n<h4><span class=\"ez-toc-section\" id=\"Tata_AirAsia\"><\/span><strong><b>Tata, AirAsia<\/b><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\r\n<p>&nbsp;<\/p>\r\n<p><span style=\"font-weight: 400;\">Even as Twitter and Meta look to sort their mess, Tata Sons has been rationalising its assets. After initiating talks with Singapore Airlines for a possible merger of its full-service carriers Air India and Vistara, Bombay House has now taken full control of AirAsia India, as its Malaysian partner AirAsia has sold its 16.33% stake for Rs 156 crore.\u00a0<\/span><\/p>\r\n<p>&nbsp;<\/p>\r\n<p><span style=\"font-weight: 400;\">Now that they have complete control over the no-frills carrier the Tatas could merge AirAsia India with Air India Express, which they had acquired from the government along with the flagship carrier last year.\u00a0<\/span><\/p>\r\n<p>&nbsp;<\/p>\r\n<p><span style=\"font-weight: 400;\">If both the proposed mergers work out, Tata Sons will own two airlines\u2014full-service carrier Air India and its low-frills cousin Air India Express, down from four, that often compete against each other.\u00a0<\/span><\/p>\r\n<p>&nbsp;<\/p>\r\n<p><span style=\"font-weight: 400;\">As for whether this will pose a serious challenge to IndiGo, which controls more than half the market share, it\u2019s too soon to say.\u00a0<\/span><\/p>\r\n<p>&nbsp;<\/p>\r\n<p>&nbsp;<\/p>\r\n<h4><span class=\"ez-toc-section\" id=\"So_long_JJ_Irani\"><\/span><b>So long, JJ Irani<\/b><span class=\"ez-toc-section-end\"><\/span><\/h4>\r\n<p>&nbsp;<\/p>\r\n<p><span style=\"font-weight: 400;\">Jamshed Jiji Irani\u2019s contribution to the Indian industry extended well beyond just reviving the fortunes of Tata Steel, which he took over in 1992, transforming it into one of the lowest cost steel producers in the world.\u00a0<\/span><\/p>\r\n<p>&nbsp;<\/p>\r\n<p><span style=\"font-weight: 400;\">Irani, who died at 86 in steel city Jamshedpur, was known as the \u2018Steel Man of India\u2019. Three years after he retired from Tata Steel in 2001, the Union government appointed him as the head of the committee that drafted the new Companies Act. The Irani committee overhauled the older 1956 Act, bringing in some path-breaking changes.\u00a0<\/span><\/p>\r\n<p>&nbsp;<\/p>\r\n<p><span style=\"font-weight: 400;\">Irani was also known for speaking his mind and openly denounced Tata Steel\u2019s acquisition of the UK\u2019s Corus in 2007, which he said was \u201cnot an intentional but an aspirational mistake.\u201d<\/span><\/p>\r\n<p>&nbsp;<\/p>\r\n<p><span style=\"font-weight: 400;\">In just four moths the Indian steel industry has lost two doyens\u2014Irani and Venkataraman Krishnamurthy, the legendary public sector manager who turned SAIL around.\u00a0<\/span><\/p>\r\n<p>&nbsp;<\/p>\r\n<p><span style=\"font-weight: 400;\">Those will be big shoes to fill, but we are sure their legacies will live on.\u00a0<\/span><\/p>\r\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\r\n<p>&nbsp;<\/p>\r\n<h4><span class=\"ez-toc-section\" id=\"Is_the_economy_turning_a_corner\"><\/span><strong><b>Is the economy turning a corner?<\/b><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\r\n<p>&nbsp;<\/p>\r\n<p><img loading=\"lazy\" class=\"alignnone wp-image-18174\" src=\"https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2022\/11\/200w-13.webp\" alt=\"\" width=\"400\" height=\"228\" \/><\/p>\r\n<p>&nbsp;<\/p>\r\n<p><span style=\"font-weight: 400;\">The Indian economy seems to be breaking out of the shackles of the aftereffects of the pandemic. In one of the surest signs that the economy is taking off, non-food credit jumped 17% in September from a year earlier, according to Reserve Bank of India data. In September last year, such advances had contracted 2.9%. Overall credit to industry rose 12.6% in September, compared with 1.7% a year earlier, while retail loans grew 19.6% versus 13.2%.<\/span><\/p>\r\n<p>&nbsp;<\/p>\r\n<p><span style=\"font-weight: 400;\">Meanwhile, India\u2019s industrial production seems to be picking up pace. According to the latest purchasing managers\u2019 index (PMI) data, factory activity expanded at a stronger pace in October, encouraging firms to hire workers at the fastest pace in nearly three years. The PMI, compiled by S&amp;P Global, rose to 55.3 in October from September&#8217;s 55.1.\u00a0<\/span><\/p>\r\n<p>&nbsp;<\/p>\r\n<p><span style=\"font-weight: 400;\">But what do all these boring numbers mean? Well, they mean that the overall demand in the economy is picking up as is production, and companies are having to borrow more, to keep pace.\u00a0<\/span><\/p>\r\n<p>&nbsp;<\/p>\r\n<p><span style=\"font-weight: 400;\">While this is a good sign, don\u2019t start rejoicing just yet. A global recession has been looming and if it does come, India too will face the heat. So, while the times are good, don\u2019t splurge. Instead, invest wisely!<\/span><\/p>\r\n<p>&nbsp;<\/p>\r\n<h4><span class=\"ez-toc-section\" id=\"i-2\"><\/span>\u00a0<span class=\"ez-toc-section-end\"><\/span><\/h4>\r\n<h4><span class=\"ez-toc-section\" id=\"IPO_mania\"><\/span><b>IPO mania!<\/b><span class=\"ez-toc-section-end\"><\/span><\/h4>\r\n<p>&nbsp;<\/p>\r\n<p><span style=\"font-weight: 400;\">As the economy picks up pace, a number of companies are floating initial public offerings. These include Fusion Microfinance, Bikaji Foods, Medanta parent Global Health, Archean Chemical and Five Star Business Finance. Shares of these companies are trading at grey market premiums of between 7% and 38% over their expected issue prices.\u00a0<\/span><\/p>\r\n<p>&nbsp;<\/p>\r\n<p><span style=\"font-weight: 400;\">Another company, DCX Systems, saw its Rs 500-crore IPO getting subscribed nearly 70 times, and is expected to list Rs 80 over its issue price of Rs 207 per share.<\/span><\/p>\r\n<p>&nbsp;<\/p>\r\n<p><span style=\"font-weight: 400;\">Market experts say IPOs in 2022 have made investors more money than the previous two years with 75% of such listings trading above their listing price.<\/span><\/p>\r\n<p>&nbsp;<\/p>\r\n<p><span style=\"font-weight: 400;\">We sure hope the good times last!<\/span><\/p>\r\n<p>&nbsp;<\/p>\r\n<p>&nbsp;<\/p>\r\n<h4><span class=\"ez-toc-section\" id=\"Ambani_the_groomer\"><\/span><b>Ambani the groomer<\/b><span class=\"ez-toc-section-end\"><\/span><\/h4>\r\n<p>&nbsp;<\/p>\r\n<p>\u00a0<img loading=\"lazy\" class=\"alignnone wp-image-18176\" src=\"https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2022\/11\/monkey-haircut.gif\" alt=\"\" width=\"400\" height=\"400\" \/><\/p>\r\n<p>&nbsp;<\/p>\r\n<p><span style=\"font-weight: 400;\">Meanwhile, the next time you enter a salon, you may just be making billionaire Mukesh Ambani richer. News reports say that Ambani\u2019s Reliance Retail is set to enter the salon business and is looking to buy a 49% stake in Chennai-based Naturals Salon &amp; Spa, which competes directly with Hindustan Unilever\u2019s Lakme.\u00a0<\/span><\/p>\r\n<p>&nbsp;<\/p>\r\n<p><span style=\"font-weight: 400;\">What Ambani is eyeing is a Rs 20,000-crore industry in India, which is only growing, with people across the country and economic strata becoming more fashion conscious.\u00a0<\/span><\/p>\r\n<p>&nbsp;<\/p>\r\n<p><span style=\"font-weight: 400;\">Reliance\u2019s entry is even more significant as it could herald a phase of consolidation in an industry which is unorganised and comprises as many as 65 lakh standalone beauty parlors and barber shops.\u00a0<\/span><\/p>\r\n<p>&nbsp;<\/p>\r\n<p><span style=\"font-weight: 400;\">Whether such consolidation will be good for the average beauty salon owner or if they will eventually be edged out of the market, only time will tell.\u00a0<\/span><\/p>\r\n<p>&nbsp;<\/p>\r\n<p>&nbsp;<\/p>\r\n<h4><span class=\"ez-toc-section\" id=\"Made_in_India_iPhone\"><\/span><b>\u2018Made in India\u2019 iPhone<\/b><span class=\"ez-toc-section-end\"><\/span><\/h4>\r\n<p>&nbsp;<\/p>\r\n<p><span style=\"font-weight: 400;\">China\u2019s loss is India\u2019s gain, yet again. Apple Inc\u2019s Taiwanese contract manufacturer Pegatron Corp has become the second such entity to begin assembling the latest iPhone 14 model in India.\u00a0<\/span><\/p>\r\n<p>&nbsp;<\/p>\r\n<p><span style=\"font-weight: 400;\">Pegatron follows Foxconn, which began making the iPhone 14 in India in September, after its unit in Zhengzhou, the biggest iPhone manufacturing facility in the world, was locked down as China follows its zero-Covid policy. Wistron is another contract manufacturer that assembles iPhones in India.\u00a0<\/span><\/p>\r\n<p>&nbsp;<\/p>\r\n<p><span style=\"font-weight: 400;\">To be sure, most iPhone components are still made in China.\u00a0<\/span><\/p>\r\n<p>&nbsp;<\/p>\r\n<p><span style=\"font-weight: 400;\">But hey, at least it\u2019s a start, and we\u2019re just waiting for the day they sell them cheaper in India and we can actually afford one of those gorgeous iPhones!<\/span><\/p>\r\n<p>&nbsp;<\/p>\r\n<p>&nbsp;<\/p>\r\n<h4><span class=\"ez-toc-section\" id=\"Market_wrap\"><\/span><strong><b>Market wrap<\/b><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\r\n<p>&nbsp;<\/p>\r\n<p><span style=\"font-weight: 400;\">For the first time in more than a decade and a half, <a href=\"https:\/\/kuvera.in\/stocks\/listing\/all\">markets<\/a> in India and the US have diverged sharply. Since the beginning of 2022, while the S&amp;P 500 index is down as much as 19%, the Sensex and Nifty have gained 2.6% and 0.7%, respectively.\u00a0<\/span><\/p>\r\n<p>&nbsp;<\/p>\r\n<p><span style=\"font-weight: 400;\">This divergence was also visible this week. The S&amp;P 500 was firmly in the red in the four trading sessions between Monday and Friday, but both the Indian indices have gained about half a percentage point since Monday.<\/span><\/p>\r\n<p>&nbsp;<\/p>\r\n<p><span style=\"font-weight: 400;\">Among the Nifty stocks that gained the most during the week were Vedanta Ltd, Bajaj Finserv, Ultratech Cement, Reliance Industries and Bajaj Auto. Also in the green were ONGC, Asian Paints, Yes Bank, NTPC and HDFC.\u00a0<\/span><\/p>\r\n<p>&nbsp;<\/p>\r\n<p><span style=\"font-weight: 400;\">The losers included Axis Bank, Tech Mahindra, ICICI Bank, Bharat Petroleum and Infosys. Some others that left their investors poorer were Eicher Motors, Tata Steel, Cipla, Zee Entertainment, Indiabulls Housing and Bharti Airtel.\u00a0<\/span><\/p>\r\n<p>&nbsp;<\/p>\r\n<p>&nbsp;<\/p>\r\n<h4><span class=\"ez-toc-section\" id=\"Other_headlines\"><\/span><strong>Other headlines:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\r\n<p>&nbsp;<\/p>\r\n<ul>\r\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">US Federal Reserve, Bank of England hike interest rates by 75 basis points again<\/span><\/li>\r\n<\/ul>\r\n<ul>\r\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">HDFC Ltd posts 17.8% growth in Q2 net profit<\/span><\/li>\r\n<\/ul>\r\n<ul>\r\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Hero MotoCorp records 10% drop in Q2 profit to Rs 716 crore<\/span><\/li>\r\n<\/ul>\r\n<ul>\r\n<li style=\"font-weight: 400;\" aria-level=\"1\">\r\n<p><span style=\"font-weight: 400;\">Adani Enterprises Q2 profit jumps 117% to Rs 461 crore<\/span><\/p>\r\n<\/li>\r\n<li style=\"font-weight: 400;\" aria-level=\"1\">\r\n<p><span style=\"font-weight: 400;\">Vodafone Idea\u2019s Q2 losses widen to Rs 7,592 crore<\/span><\/p>\r\n<\/li>\r\n<li style=\"font-weight: 400;\" aria-level=\"1\">\r\n<p><span style=\"font-weight: 400;\">Titan&#8217;s Q2 profit jumps 34% to Rs 857 crore, revenue up 22%<\/span><\/p>\r\n<\/li>\r\n<li style=\"font-weight: 400;\" aria-level=\"1\">\r\n<p><span style=\"font-weight: 400;\">Byju\u2019s finalising plans for Rs 8,000 crore IPO of Aakash Educational Services<\/span><\/p>\r\n<\/li>\r\n<\/ul>\r\n<p>&nbsp;<\/p>\r\n<p>Until next week, happy investing!<\/p>\r\n<p>&#8212;&#8212;&#8212;&#8211;<\/p>\r\n<p>&nbsp;<\/p>\r\n<p><strong>Interested in how we think about the markets?<\/strong><\/p>\r\n<p>Read more: <a href=\"https:\/\/kuvera.in\/blog\/in-investing-the-simplest-things-are-the-hardest\/\">Zen And The Art Of Investing<\/a><\/p>\r\n<p>&nbsp;<\/p>\r\n<p>Check out our &#8220;Investor Education Originals&#8221; on Youtube and get smart about investing.<\/p>\r\n<p>&nbsp;<\/p>\r\n<p>&nbsp;<\/p>\r\n<div class=\"embed-container\"><iframe src=\"https:\/\/www.youtube.com\/embed\/f7yfzUhQDiM\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/div>\r\n<p>&nbsp;<\/p>\r\n<p>Start investing through a platform that brings goal planning and investing to your fingertips. Visit <a href=\"https:\/\/www.youtube.com\/watch?v=R7g03UwJAT8&amp;utm_source=Blog&amp;utm_medium=Weekly+wrap+22nd+July\" target=\"_blank\" rel=\"noopener\">kuvera.in<\/a> to discover Direct Plans and Fixed Deposits and start investing today.<\/p>\r\n<p>#MutualFundSahiHai #KuveraSabseSahiHai!<\/p>\r\n<p><\/p>\r\n<p>&nbsp;<\/p>\r\n<p><\/p>","protected":false},"excerpt":{"rendered":"<p>In this edition, we talk about the continuing turmoil at Twitter following Elon\u2019s Musk takeover. We also talk about AirAsia\u2019s India exit, Reliance\u2019s and Apple\u2019s new business moves, and the passing of India\u2019s man of steel, JJ Irani.\u00a0 &nbsp; Welcome to Kuvera\u2019s weekly digest on the most critical developments related to business, finance and markets. [&#8230;]<\/p>\n<p><a class=\"btn btn-secondary understrap-read-more-link\" href=\"https:\/\/kuvera.in\/blog\/the-weekly-wrap-pink-slip-in-blue-bird-land\/\">Read More&#8230;<\/a><\/p>\n","protected":false},"author":2,"featured_media":12756,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false},"categories":[173],"tags":[405,626,1829,571,1833,1830,1831,1793,67,300,1267,699,1832],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Pink slips in blue bird land | Weekly Wrap<\/title>\n<meta name=\"description\" content=\"Business &amp; finance updates in a nutshell. Read about Twitter layoffs, Meta&#039;s midlife crises, Indian economy growth, and more.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/kuvera.in\/blog\/the-weekly-wrap-pink-slip-in-blue-bird-land\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Pink slips in blue bird land | Weekly Wrap\" \/>\n<meta property=\"og:description\" content=\"Business &amp; finance updates in a nutshell. Read about Twitter layoffs, Meta&#039;s midlife crises, Indian economy growth, and more.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/kuvera.in\/blog\/the-weekly-wrap-pink-slip-in-blue-bird-land\/\" \/>\n<meta property=\"og:site_name\" content=\"Kuvera\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/kuvera.in\" \/>\n<meta property=\"article:published_time\" content=\"2022-11-04T14:15:59+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-11-05T06:09:25+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2022\/06\/Yellow-And-Green-Bold-Money-Blog-Banner-520x245-1.png\" \/>\n\t<meta property=\"og:image:width\" content=\"520\" \/>\n\t<meta property=\"og:image:height\" content=\"245\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Gaurav Rastogi\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Kuvera_In\" \/>\n<meta name=\"twitter:site\" content=\"@Kuvera_In\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Gaurav Rastogi\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"9 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Pink slips in blue bird land | Weekly Wrap","description":"Business & finance updates in a nutshell. 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A graduate of IITD and Chicago Booth, he managed a long-short equity strategy for Morgan Stanley before starting Kuvera.","url":"https:\/\/kuvera.in\/blog\/author\/rustyhk123\/"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/kuvera.in\/blog\/wp-json\/wp\/v2\/posts\/18170"}],"collection":[{"href":"https:\/\/kuvera.in\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/kuvera.in\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/kuvera.in\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/kuvera.in\/blog\/wp-json\/wp\/v2\/comments?post=18170"}],"version-history":[{"count":9,"href":"https:\/\/kuvera.in\/blog\/wp-json\/wp\/v2\/posts\/18170\/revisions"}],"predecessor-version":[{"id":18230,"href":"https:\/\/kuvera.in\/blog\/wp-json\/wp\/v2\/posts\/18170\/revisions\/18230"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/kuvera.in\/blog\/wp-json\/wp\/v2\/media\/12756"}],"wp:attachment":[{"href":"https:\/\/kuvera.in\/blog\/wp-json\/wp\/v2\/media?parent=18170"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/kuvera.in\/blog\/wp-json\/wp\/v2\/categories?post=18170"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/kuvera.in\/blog\/wp-json\/wp\/v2\/tags?post=18170"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}